Annual Report 2011 - Hong Kong Monetary Authority

Personnel welfare liabilities
Contributions are reported as personnel expenses in the
profit and loss account for the year to which they relate.
Each year the Group determines whether it has derived
any economic benefits or commitments from personnel
welfare plans for Group staff. If any are found, they are
stated in the balance sheet pursuant to rule 16 of the Swiss
accounting principles (GAAP RPC 16). The difference in
relation to he corresponding amount reported the previous
year is included in “Personnel expenses” in the profit and
loss account.
This annual study is based on contracts, on financial statements
bearing a closing date no older than 12 months and
drawn up in accordance with GAAP RPC 16 (in the case of
Swiss pension funds) and on any other relevant calculations.
Other balance sheet
and profit and loss items
The accounting principles and valuation policies concerning
other items are set out in the Notes to the Consolidated
Financial Statements.
FINANCIAL REPORT CONSOLIDATED ACCOUNTS 69